Rocksource Ups Ante to 60 Million Barrels in Exploration

The Rocksource Group has upgraded the value of its exploration portfolio based upon overall results from this year. Previous estimates of undiscovered resources on acreage held by Rocksource were estimated at a net risked, P50 value of 60 million barrels of oil equivalent (mmboe) and a mean value of 74 mmboe.

Current estimates for the overall portfolio suggest a mean value of 106 mmboe net risked, undiscovered resources. The net increase comes largely from the successful EM analysis completed on the Norwegian Block 31/8 (Breiflabb).

Exploration VP, Gregor Maxwell commented, "We are now beginning to high grade our portfolio at low cost to focus our efforts on lower risk prospectivity. We are looking forward to continuing to build up a high value, low risk portfolio next year. This will involve participating in the 20th Licensing Round in Norway where we acquired EM data over 7.5 Bboe of undiscovered, unrisked resources in preparation for the round. We will also be placing a greater emphasis on high impact, international farm-in deals."